NZ: Fonterra Trading Among Farmers scheme receives tick

Shareholders of New Zealand dairy giant Fonterra have voted in favour of implementing the firm’s controversial Trading Among Farmers scheme.

The resolution for the scheme received a 66.45% vote in support at Fonterra’s Special Meeting today (25 June), with two out of every three votes in favour.

While the move has been approved by Fonterra’s members, there had been unease about how the scheme would be implemented.

Last month, the dairy co-operative’s chairman Sir Henry van der Heyden said the board was in a “challenging position” because while the majority of shareholders were “urging directors to get on with Trading Among Farmers”, there was a small group of shareholders who had “concerns and were particularly vocal in the New Zealand media”.

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